The first public look at the HearthStone Anchor Fund · live investor webinar

You Were Never Meant to Choose.

You want your capital to grow, and you want it to matter. Join us live as we introduce the HearthStone Anchor Fund, built for people who want both, and walk through every key term.

With Bo Barron, CCIM and Brad Ahrens, CCIM · Co-founders, HearthStone Capital

Friday, October 23 · 2:00 PM CT Live on Zoom · 45 minutes, 10 of them yours

3:00 PM ET · 12:00 PM PT

Accredited investors only · $200,000 minimum. Registering is a seat, not a commitment. Investing involves risk, including loss of principal.

We’ll use your email for the link, two reminders and occasional HearthStone updates. A live introduction to the fund, not an offer to sell securities. Unsubscribe anytime. Privacy

The question underneath

“It’s all God’s anyway. So am I even allowed to want it to grow?”

We keep hearing that question from good, generous people. Rarely out loud. Usually at the tail end of a conversation about something else.

You’ve tithed. You’ve funded the building campaign. You’ve written checks nobody else knows about. And somewhere along the way a nagging thought moved in and never left: that wanting your money to grow and wanting it to do good were quietly working against each other. As if every dollar had to pick a side.

So you feel a little guilty wanting it to grow, and a little uneasy leaving it idle. Half-faithful either way.

That’s the false choice: grow it or give it. Nobody sat you down and taught it to you. It just seeped in.

You’re not greedy. You were handed a choice that was never real.

What the false choice does to capital

So the money waits.

When growing feels suspect, capital drifts to a couple of familiar places. Neither is foolish. They just leave a lot of capital sitting still.

Cash, and then more cash. A real reserve is wise. Cash is liquid and holds its dollar value, and this fund offers neither, so keep yours. But money parked well past what you need isn’t being careful. It’s just idle.

Run on a clock. A typical closed-end fund has a fixed term, often seven to ten years, and then a forced-sale wind-down. Cash gets paid out along the way, and it’s easy to spend. Then the money sits while you find the next fund. Start, stop, wait, start again. And the fees aren’t always easy to see.

Common industry patterns, not any specific fund. Individual funds vary.

Meanwhile, roughly $2.5 trillion of U.S. commercial real estate debt was scheduled to mature from 2025 through 2027. Loans written in a cheaper world are coming due in this one. That can open doors for patient capital, and it can also push values down.

~$2.5T

U.S. CRE debt scheduled to mature 2025–2027¹

¹ Mortgage Bankers Association commercial real estate loan maturity survey, published February 2026 ($957B in 2025, $875B in 2026, $652B in 2027) [[VERIFY: exact MBA report title and edition for each year’s figure]]. Estimates vary by definition.

What it costs

Another decade of it. The guilt doesn’t leave on its own. Left alone, it keeps making decisions for you, quietly, year after year.

The cost of structure. When cash gets paid out and spent, or waits between funds, it isn’t working. Over a few decades, structure alone can change where a dollar ends up, even at the same rate of return. It cuts both ways: money that stays in is also exposed to losses, and you can’t spend what’s locked up. On the webinar we’ll walk through a hypothetical illustration with every assumption on the screen. It’s an illustration, not a projection.

In fairness, our structure has a cost too. Each contribution is locked up for 36 months. After that, redemption is annual, capped and at the Manager’s discretion. We’d rather you hear that from us here than find it in the PPM.

What we believe

It was never your money. That’s the good news.

Here’s how we see it. Jesus told a story about three servants. The master leaves each of them some of his money and goes away. Two put it to work and grow it. The third gets scared, digs a hole and buries it. When the master comes home, only one servant gets called out: the one who buried it.

Fear buried it. Faithfulness grew it.

So stewardship was never grow or give. It’s grow and give: put capital to work with care, and give with open hands.

If you don’t share our faith, the idea still holds. Capital that’s working can do more good than capital that’s sitting still.

None of that makes investing a spiritual duty, or holding cash a failure of faith. And it doesn’t make any particular fund the right home for your money, including ours. That’s a separate question, and we’ll help you answer it honestly.

Who we are

We’ve asked that question too.

We’re Bo Barron and Brad Ahrens. We’ve spent our careers in commercial real estate, and we’ve wrestled with the grow-versus-give question ourselves, more than once.

We spent [[VERIFY: time span]] building the HearthStone Anchor Fund, because that question deserved a better answer than “pick one.” Friday, October 23 is the first time we’ll show the whole thing in public.

Brad Ahrens, CCIM · In commercial real estate since 2002, with more than $750 million in transactions [[VERIFY: Brad’s role in these transactions, and an as-of date]] in prior roles, before HearthStone.

Bo Barron, CCIM · Third-generation commercial real estate. Managing Broker of Barron Commercial Group and a Senior Instructor at the CCIM Institute.

Transaction volume from the founders’ prior roles. It is not the fund’s track record and not investment performance.

We both invest our own capital in the fund as Class A members: same class, same terms, same risk on those dollars as yours [[VERIFY: founders’ Class A units pay the same fees, and the capital is funded]]. We also earn the Manager’s fees and any Promote, and we’ll show you both.

How this works

Three steps. The third is up to you.

Save your seat

It takes thirty seconds. You’ll get the Zoom link and two reminders.

See the whole model in 45 minutes

What we buy, who has to earn our yes, and every term, defined before we use it. Forty-five minutes, ten of them yours.

If it fits, have one honest conversation

Twenty minutes with Bo or Brad about whether this is right for you. If it isn’t, we’ll say so.

Already know you want to talk? Book 20 minutes →

If it still fits after that: accreditation verification, then the Private Placement Memorandum. Nothing moves faster than you want it to.

On Friday, October 23

The model, explained one term at a time.

Every term gets defined before we use it. If we skip one, ask, and we’ll go back.

An evergreen fund-of-funds.

Evergreen means open-ended: no fixed end date and no forced-sale clock. Fund-of-funds means that, over time, you’re not betting on one building or one operator. The fund is making its first investment, so early on it will hold only a few positions. We invest alongside vetted operators in core, core-plus and value-add commercial real estate in U.S. markets, including multifamily, industrial and other income-producing property. (Core is a stable, leased-up building. Core-plus has a little work left. Value-add needs real improvement. Each step carries more risk.)

Every time we raise, it’s for a specific investment, and you’ll see it before you commit a dollar [[VERIFY: every raise is tied to a named investment, per the PPM]]. Once you’re in, you own a share of the whole fund, and the cash we reinvest goes into future investments we choose.

A seat we work for, not a check we mail.

A co-GP is a co-sponsor. We sit on the general partner side with the operator instead of just funding them. It’s our standard approach, and we get that seat more often than not, but not on every deal. On some we’re a JV partner, and on some an LP co-investor. We’ll show you what changes for you in each case.

The Promote, and the bar we have to clear first.

The hurdle is 6% a year, non-compounded. Below it, the Manager earns no Promote, and all of the fund’s gains stay with investors. Our fees apply either way. Above it, investors keep 80% and the Manager earns 20%, called the Promote. And it’s measured across a full three-year testing period, not year by year. Over that period, the fund has to average 6% a year before we earn a dollar of Promote. If we don’t clear it, we earn no Promote. It’s a bar we have to clear, not a return we promise.

The PPM sets the exact testing dates, and how the Promote works if you join after the first closing or redeem.

Every layer of cost, in daylight.

A fund-of-funds has costs in more than one place: our fees, the fund’s own operating costs, and the operators’ fees underneath. On the webinar we’ll put every layer on the screen and walk through it, and the offering documents spell out the exact terms.

Capital that stays at work, with a limited way out.

Cash is generally retained and reinvested rather than paid out. Each contribution has a 36-month lock-up. After that, you can ask to redeem once a year, but redemptions are capped at 10% of NAV, at the Manager’s discretion, and paid as the fund’s cash allows. You’ll get a written update every quarter [[VERIFY: quarterly written reporting is committed in the operating agreement or a written policy]] and a full review every year, good quarter or bad.

Taxes, in plain English: you’ll get a K-1, and taxable income can flow through to you even when no cash comes with it, so you may need to pay that tax from other money. Holding for the long haul can mean fewer sales, and fewer capital-gains events. That’s education, not tax advice. Talk with your CPA.

See the full 45 minutes ▸

00:00	Welcome, and why we built the Anchor Fund
00:05	The false choice, and why this market moment matters
00:10	The model: fund-of-funds, operators and the values screen
00:20	The economics, term by term: hurdle, split, fees, liquidity
00:30	What it’s actually like to be an investor here
00:35	Live Q&A, ending at 00:45

What we promise

Five promises we’ll keep, whether or not you invest.

You shouldn’t have to dig for any of this, so here it is up front.

Every cost layer, named. Our fees, the fund’s operating costs and the operators’ fees underneath, all on the screen at the webinar.

Our capital beside yours. Bo and Brad invest as Class A members: same class, same terms, same risk on those dollars. They also earn the Manager’s fees and any Promote, and both are on the screen.

A values screen before a dollar moves. Operators clear it on character and competence. It never replaces underwriting. It only adds reasons to say no.

See the screen ▸

Honesty · integrity · organization · stewardship · cycle experience · open communication · a defined core competency · reasonable fees · a cause beyond money · timely, accurate reporting.

No pitch at the end. The webinar ends when the questions end. You’ll get the recording and the occasional update, and if you want to talk, you start it.

Every question taken seriously. Answered live, or in writing within two business days. If something can’t be answered, like what returns will be, we’ll tell you why.

A sampling of operators we stand beside: Huber Equity Group, Eden Companies, Thompson Thrift, DLP Capital, Welden Field, Rockbridge Investment Group and Legacy Land Fund.

Fund administration: Verivest · Fund accounting: Bassett & Associates, P.A. · Securities counsel: Premier Law Group

Naming an operator or service provider is not their endorsement of the fund, and it doesn’t mean the fund has invested with each operator listed.

That’s the outline. On Friday, October 23, we walk through all of it, live, for the first time.

When you stop choosing

Growing and giving, as one act of stewardship.

Your capital at work, patiently, in real buildings run by people we’d vouch for. Not sitting idle or waiting for the next fund.

Good can happen downstream. Tired buildings can get renewed. Neighborhoods can get a little steadier. The operators we work with give from their own businesses. And your own giving goes on just as it always has. This doesn’t replace it, and it was never meant to.

And that old question finally has an answer you can live with.

A faithful steward, not a conflicted one.

None of this is a promise about returns. Real estate investing carries risk, including loss of principal.

Before you register

An honest word on fit.

The kindest thing we can do for the wrong investor is help them leave quickly. So read the first list. If you see yourself there, close the tab with our blessing. Nobody will chase you for it.

Probably not for you if you…

Want a guaranteed return. There isn’t one. The 6% hurdle is a bar we have to clear, not a number we promise you.
Need your capital back on a set timeline. Each contribution is locked up for 36 months, and then redemption is annual, gated and discretionary.
Want to hand-pick every deal. You’ll always see the specific investment we’re raising for before you commit. But you’re buying into the whole fund, and the cash we reinvest goes into future deals you won’t see first. Those choices are ours to make and yours to trust.
Are hunting the highest yield at any level of risk. Someone else will happily quote you a big number. We don’t quote one at all.
Would lose a night’s sleep over $200,000 in an illiquid, long-term fund. Then it’s too much. That’s not a judgment of character. It’s just sizing.

Likely for you if you…

Have patient capital and can leave it at work for years.
Would rather trust a seasoned team with hands-on oversight of its operators than assemble a portfolio one deal at a time.
Want your capital to grow and do real good, and you’re done treating those as opposing teams.
Can meet the terms: accredited, independently verified, $200,000 minimum.

The fund is making its first investment.

Somewhere in the middle? Come anyway. “Not yet” is a perfectly good answer, and we’ll say it first if we think it. Or skip the webinar and book 20 minutes with Bo or Brad →

Taught by the people who’d sign the deals.

A leather worker and a surfer walk into a fund, and built it for you.

Bo Barron, CCIM · Co-founder

Third-generation commercial real estate. Managing Broker of Barron Commercial Group and a Senior Instructor at the CCIM Institute, where he teaches working professionals how to underwrite a building without fooling themselves. He also serves on the CCIM Foundation Board.

More about Bo ▸

He learned Arabic for Uncle Sam as a Marine, and still finds loan documents harder to read. Off the clock he’s a leatherworker, a Sunday school teacher, a guitar player bad enough to be charming, and a present dad.

Brad Ahrens, CCIM · Co-founder

In commercial real estate since 2002, with more than $750 million in transactions [[VERIFY: Brad’s role in these transactions, and an as-of date]] across senior housing, multifamily, office, industrial and retail, in prior roles before HearthStone. President of Concord Development Partners and co-founder of CRE Investor Coach.

More about Brad ▸

He reads a swell chart the way most of us read a P&L: patient, unhurried, and unbothered by the wave everybody else is paddling for. In underwriting, that instinct beats enthusiasm. He and his wife give generously to their local food pantry, so when we talk about good downstream, he isn’t speaking in theory.

Behind them is Brett Ludwig, VP of Asset Management: underwriting, portfolio monitoring and capital allocation. Engineering degree from Ohio State, MBA from Bowling Green. He checks our homework, and he isn’t gentle about it.

Transaction volume is not investment performance. Past activity does not predict future results.

Friday, October 23 · Live

Be in the room when we introduce it.

Bring your hardest question. We’ll take it live.

You’ve been handed a false choice: grow it or give it. The HearthStone Anchor Fund is an evergreen real estate fund built for people who want both, so growing and giving can finally sit on the same side of the ledger.

The whole structure, then your questions. No pitch at the end. If it fits, the next step is one honest conversation with Bo or Brad.

One webinar, one date. Live seats are capped at [[VERIFY: 100?]] so the Q&A stays real.

Accredited investors only · $200,000 minimum. Registering commits you to nothing. Investing involves risk, including loss of principal.

Can’t make it? Book 20 minutes with Bo or Brad → Either way, every registrant gets the walkthrough recording. The Q&A only happens live.